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ETF Scorecard: September 7 Edition

To help investors keep up with the markets, we present our ETF Scorecard. The Scorecard takes a step back and looks at how various asset classes across the globe are performing. The weekly performance is from last Friday’s open to this week’s Thursday close.

A Brexit withdrawal treaty is much more likely to be achieved after Germany dropped its demand to have a future trade deal in place before the March 29 deadline. This means that chief aspects of the post-Brexit relationship between Britain and Europe will be negotiated later, during the two-year transition period.

Emerging markets have moved into bear market territory this week, raising the prospects of contagion into developed markets.

European inflation dropped to 2% in August from 2.1% in the prior month, hitting the European Central Bank’s target. But the ECB is not in a hurry to tighten monetary policy as core inflation hovers around 1%. The rise in inflation is largely due to higher energy prices, a temporary effect.

British manufacturing PMI declined to 52.8 in August from 53.8 as fears of a no-Brexit deal has weighed on sentiment. The index reached a two-year low, with such levels not seen since the Brexit referendum vote.

Meanwhile, British services PMI improved to 54.3 in August from 53.5. Analysts had expected a figure of 53.9.

In the U.S., ISM’s manufacturing sentiment hit 61.6, a level not seen since March 2011, in a sign that the U.S. economy is firing on all cylinders. Analysts had forecasted a rise of 57.6.

U.S. non-manufacturing PMI surged to 58.5 from 55.7, but the index is still lower compared to July.

ADP forecasted the U.S. economy added 163,000 jobs in August, down from a revised 217,000 in July and lower compared with 195,000 forecasted by analysts.

Crude oil inventories continued their drop this week, the third in a row. U.S. stockpiles dropped 4.3 million.

Risk Appetite Review

Risk assets (SPHBB-) had a bad week amid fears of contagion from an emerging markets selloff. (SPHBB-) dropped 1.86%, the worst performance from the pack.

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Major Index Review

Major indexes were all down with one exception.

Unsurprisingly, emerging markets (EEMA-) were hit the most, shedding 2.63% of their value in the past five days. A strong dollar combined with rising U.S. interest rates and American protectionism has deteriorated emerging markets’ prospects. Emerging markets are also the worst performers for the rolling month, down 5.9%.

At the other end of the spectrum is blue-chip index Dow Jones (DIAA-), which rose 0.27%. Investors were allured by the index’s relative safety. (DIAA-) is also the best monthly performer, up 1.68%.

Sectors Review

Dragged down by oil and natural gas, the energy sector (XLEA) is the worst performer for the week with a decline of 2.65%. Combined with losses posted in previous weeks, (XLEA) became the worst performer for the rolling month as well, down 4.56%.

Utilities (XLUA) are up 1.84% for the week, beating all other sectors, as investors sought safe-haven assets. (XLUA) is also the best monthly performer with a rise of 2.87%.

Foreign Equity Review

Foreign markets are almost all down.

Brazil (EWZB+) managed to deliver the surprise, advancing 0.69% for the week, the only asset to post gains. Yet Brazil is no safe haven. (EWZB+) remains the worst monthly performer, tumbling as much as 14.4%.

Germany (EWGB+) is decidedly the worst performer for the week, down 3.32%, amid a selloff in most foreign markets.

Currency Review

Currencies were all down, except the U.S. dollar.

The U.S. dollar (UUPA) has advanced 0.20% for the week, extending monthly gains to 0.24%. A strong U.S. economy has increased bets that the Federal Reserve will hike interest rates at a faster pace than previously expected.

Emerging markets currencies (CEWA) dropped the most this week, down 0.95%. Unsurprisingly, (CEWA) is also the worst performer for the rolling month with a decline of 4.67%.

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